1120 Preparation and Planning 3: Deductions-Part 1 (2022 Edition) (Currently Unavailable)

Author: Barbara Weltman, Sidney Kess

This on-demand course provides a refresher on the preparation of corporate income tax returns. It is designed to orient the practitioner with the latest changes in the field of taxation. This is the third in a series on Form 1120 preparation, focusing on deductions.

This is the third in a series of courses on Form 1120 preparation. All of the courses in this series have been fully updated to reflect recent legislative changes. This courses focuses on deductions and will provide participants with a solid foundation in preparing corporate income tax returns.

Publication Date: September 2021

Designed For
Tax practitioners.

Topics Covered

• Compensation
• Repairs and maintenance
• Bad debts through Charitable Deductions
• Depreciation and Depletion

Learning Objectives

• Detail the information on Form 1125-E
• List limitations on deducting compensation
• Distinguish between ordinary repairs and capital expenditures
• Determine the applicable rule for writing off the cost of machinery and equipment
• Identify which factors are used to determine whether compensation is reasonable
• Recognize when a bonus may be deducted
• Identify factors taken into account in determining whether a worker is an employee or independent contractor
• Describe which tax deductions a corporation may take
• Identify correct statements with respect to compensation of officers
• Recognize which types of costs are are deductible as repairs and maintenance on line 14 of Form 1120
• Describe true statements with respect to deducting bad debts
• Describe depreciating a factory
• Recognize which costs do not qualify for amortization

Level
Basic

Instructional Method
Self-Study

NASBA Field of Study
Taxes (2 hours)

Program Prerequisites
None

Advance Preparation
None